Big Plans

SmartLock™ - Home Equity Line of Credit

Need extra money for home improvements, tuition, vacation, or consolidating credit card payments? Or, do you just want the peace of mind knowing that you have access to cash for unexpected expenses?

You can use Orrstown Bank’s SmartLock™ two ways. Use it like a variable rate line of credit or lock in a portion with a fixed term and fixed monthly payments.

Your Money

SmartLock™ gives you the flexibility to use the equity in your home to have cash on hand when you need it. Plus, as you make payments, the money becomes available again in your line of credit. You can use your Orrstown online banking or Orrstown checks to spend your SmartLock™ money.

Your Control

Our SmartLock™ gives you the best of both worlds. You can use it like a line of credit and only pay interest on the portion you borrow with a variable interest rate. Or, you can lock in a portion of your line and pay it off at a fixed rate with fixed monthly payments. You only pay interest on the portion you borrow.

Only pay on the amount you borrow

The interest you pay may be tax deductible 2

Competitively low interest rates

Easy payment options

Easy access to funds

Can be used as overdraft protection on your Orrstown checking account

How it Works

When you’re approved for a SmartLock™ line of credit, you have the option to draw on your line of credit or lock in portions just like a fixed rate, fixed term loan.

SmartLock™ lines of credit can be as low as $5,000.

You can use money from your SmartLock™ for up to 10 years.

As you repay the money you've used, the money becomes available again on your line of credit.

You can lock in up to 5 portions of your line of credit and pay them off at a fixed rate with fixed monthly payments.

The minimum amount to lock in is $5,000.

Each portion can be locked in for up to 20 years.

There is a $50 fee for each portion locked and a $75 fee to unlock a portion.

Should you consolidate your debt? Click here to use our calculator to determine if this is the best option for you.

1 Offer available on new SmartLock™ accounts for qualified applicants with credit score of 640 or higher. Promotional rate not available to customers refinancing all or part of existing Orrstown Bank debt. Introductory 2.49% Annual Percentage Rate (APR) is effective for initial 6 months of the loan. After the initial introductory period, the rate converts to a variable rate of no less than 3.25%. For loans in Pennsylvania and West Virginia, this variable rate is based on Wall Street Journal Prime (WSJP) + 0.25% for loans up to $99,999.99. Loans of $100,000 or greater are based on WSJP + 0.00%. Using the WSJP rate of 4.50% as of 1/22/2018, loans up to $99,999.99 would be at 4.75% and loans $100,000 and greater would be at 4.50%. For loans in Maryland, this variable rate is based on WSJP + 0.50% for loans up to $99,999.99. Loans $100,000 or greater are based on WSJP + 0.25%. Using the WSJP rate of 4.50% as of 1/22/2018, loans up to $99,999.99 would be at 5.00% and loans $100,000 or greater would be at 4.75%. For Maryland Loans, a recapture fee may apply if the line of credit is closed by you or at your request within the first 24 months. This amount is estimated to be between $247.70 and $1,355.40, based on $100,000 of credit financed. The maximum APR for this variable rate loan is 18.00%. Minimum line amount is $5,000. Rates for Loan-To-Value (LTV) of 80% or less. 2.49% introductory rate does not apply to loans with LTV over 80%. This product requires proof of active homeowner’s insurance policy. Other standard underwriting criteria apply. We reserve the right to withdraw this offer at any time. Terms and conditions of this offer are subject to change without notice.

Not a deposit. Not FDIC insured. Not insured by any federal government agency. Not guaranteed by the Bank. May go down in value. Securities, investment advisory services and other investment products are offered through Cetera Advisor Networks, LLC, member FINRA/SIPC. Cetera is under separate ownership from any other named entity.

Cetera Registered Representatives are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with residents of other states will only be made upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.